GameStop: Lost nearly $95 million in Q3 and will no longer focus on cryptocurrencies

Gaming retailer GameStop said on Dec. 9 that it will no longer focus on cryptocurrencies after Posting a net loss of $94.7 million in the third quarter and laying off employees in its digital assets division. GameStop CEO Matt Furlong said it has "proactively minimized risk to cryptocurrencies" over the past year and "does not currently hold any substantial balance of tokens," adding that "while still believing in the long-term potential of digital assets in the gaming world, GameStop has not and will not risk significant shareholder capital in this area." In addition, GameStop appears to be moving forward with its NFT and blockchain plans, according to its December 7 stock exchange filing. (Cointelegragh)